- Litecoin started a fresh decline from the $72.50 resistance zone against the US Dollar.
- LTC price is now trading below $70.00 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $67.00 on the 4-hour chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to move down unless the bulls protect the $64.20 support zone.
Litecoin price is struggling below $70.00 against the US Dollar, like Bitcoin. LTC price could continue to decline if it stays below the $64.20 resistance zone.
Litecoin Price Analysis
In the past few sessions, there was a recovery wave in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC struggled to clear the $72.50 resistance and started a fresh decline.
The price broke the $70.50 support zone to enter a bearish zone. The bears even pushed the price below the $68 support zone. It tested the $63.20 zone. A low has formed near $63.14, and the price recently attempted a recovery wave.
It climbed above the $67.00 resistance. There was a spike above the 50% Fib retracement level of the downward move from the $72.61 swing high to the $63.13 low.
However, the bears are active near the $70.00 zone. It is now trading below $68.00 and the 55 simple moving average (4 hours). Immediate resistance is near the $67.00 level. The next major resistance is near the $67.80 level. There is also a major bearish trend line forming with resistance near $67.00 on the 4-hour chart of the LTC/USD pair.
The main resistance sits near the $69.00 zone or the 61.8% Fib retracement level of the downward move from the $72.61 swing high to the $63.13 low. A clear move above the $69.00 level could pump the price toward the $72.50 level. The next major resistance could be $75.00.
On the downside, immediate support is near the $64.20 level. The next key support is near the $63.20 level. If there is a downside break below the $63.20 support, the price could accelerate lower toward the $60.00 level in the near term.
Looking at the chart, Litecoin price is clearly trading below $69.00 and the 55 simple moving average (4 hours). Overall, the price could continue to move down unless the bulls protect the $64.20 support zone.
Technical indicators
4 hours MACD – The MACD for LTC/USD is now gaining pace in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now below the 50 level.
Key Support Levels – $64.20 and $63.20.
Key Resistance Levels – $67.00 and $69.00.
